The Irish Bitcoin Association says that recognising the currency would make it safer for consumers.

THE IRISH BITCOIN Association has called on the Central Bank to regulate BitCoin.

The virtual currency is currently not recognised by authorities, meaning that consumers have no protection when using it.

It has been banned in China and TDs here have already called for tougher controls of the currency.

Vincent O’Donoghue of the Irish Bitcoin Association today told RTÉ News that the currency should be recognised, so that it would be safer to use.

“We’re calling on the Central Bank to have a close look at it. It’s something for the future.

“IT developing the way it, it would be disingenuous to ignore it.”

Debate has raged about the validity and safety of the currency, with sceptics fearful that it is unmanageable, while proponents such as web entrepreneur Jeremy Allaire believing it to be the future of both web and retail payment.

TheJournal.ie is a full participating member of the Press Council of Ireland and supports
the Office of the Press Ombudsman. This scheme in addition to defending the freedom of the
press, offers readers a quick, fair and free method of dealing with complaints that they may
have in relation to articles that appear on our pages. To contact the Office of the
Press Ombudsman Lo-Call 1890 208 080 or go to
www.pressombudsman.ie
or www.presscouncil.ie

Please note that TheJournal.ie uses cookies to improve your experience and to provide services and advertising. For more information on cookies please refer to our cookies policy.

Journal Media does not control and is not responsible for user created content, posts, comments, submissions or preferences. Users are reminded that they are fully responsible for their own created content and their own posts, comments and submissions and fully and effectively warrant and indemnify Journal Media in relation to such content and their ability to make such content, posts, comments and submissions available. Journal Media does not control and is not responsible for the content of external websites.